Deals Done
New home for London law firm
Following a beauty parade, we were appointed by Bindmans LLP to seek and acquire their new office premises. Occupying c.12,500 sq ft at 275 Gray’s Inn Road, WC1 they faced a lease expiry and due to expansion, larger premises were required. A comprehensive search was undertaken incorporating five postcodes and despite finding a number of premises, the ideal property was not identified.
Since we could find nothing from the applecart, we decided to go to the tree. By investigating all forthcoming lease ends in the areas of our search and within our preferred buildings, we successfully identified a 28,000 sq ft floor occupied by ITV, but with a lease expiry in June 2012. We visited the floor and established that there ITV no longer occupied the floor and we spoke directly to the Landlord’s agent, ultimately agreeing a back-to-back transaction involving the surrender of ITV’s lease and simultaneous letting of part of that floor to our client.
From the outset Bindman’s objectives were to acquire a single floor, within easy walking distance to good transport links and within certain postcodes, as their location is impacted by Law Society fee rates. We are really pleased to have just completed the acquisition of their new 21,000 sq ft floor at a very competitive rent, with enviable rent free incentives and within a time period that allows them to fully fit out and take occupation prior to their lease expiry.
We have been appointed to sublet part of their demise of 4,800 sq ft that is not immediately required and despite having only just completed the main acquisition of the floor, we are already in lawyers hands on the sublet part at a rent exceeding our own.
This acquisition has been a challenging experience for both Bindmans and ourselves, however we are delighted to say that we have successfully succeeded in meeting the property needs of our client.
For further information on this or any other transaction that we have been involved with, please call the Office Agency team on 020 7734 7766.